
Volkswagen Auto Lease Trust 2012-A
MONTHLY SERVICER CERTIFICATE
For the collection period ended 06-28-2014		PAGE 1


A.	*DATES*


									Begin		End		# days
1	Determination Date											7/17/2014
2	Payment Date											7/21/2014
3	Collection Period									6/1/2014		6/28/2014		28
4	Monthly Interest Period - Actual									6/20/2014		7/20/2014		31
5	Monthly Interest - Scheduled													30

B.	*SUMMARY*


		*Principal Payment*
		*Initial Balance*		*Beginning Balance*			*1st Priority*		*Regular*		*Ending Balance*		*Note Factor*
6	Class A-1 Notes		214,000,000.00		—			—		—		—		—
7	Class A-2 Notes		481,000,000.00		—			—		—		—		—
8	Class A-3 Notes		461,000,000.00		206,771,149.48			—		40,191,994.51		166,579,154.97		0.3613431
9	Class A-4 Notes		94,000,000.00		94,000,000.00			—		—		94,000,000.00		1.0000000

10	Equals: Total Securities	$	1,250,000,000.00	$	300,771,149.48		$	—	$	40,191,994.51	$	260,579,154.97

11	Overcollateralization		224,926,390.73		247,050,170.45							247,050,170.45

12	Total Securitization Value	$	1,474,926,390.73	$	547,821,319.93						$	507,629,325.42


13	NPV Lease Payments Receivable		613,692,648.78		89,709,569.12							77,291,781.47
14	NPV Base Residual		861,233,741.95		458,111,750.81							430,337,543.95

				*Coupon Rate*			*Interest Pmt Due*		*Per $1000* *Face Amount*		Principal & Interest Payment Due		Per $1000 Face Amount
15	Class A-1 Notes				0.33206	%		—		—		—		—
16	Class A-2 Notes				0.66000	%		—		—		—		—
17	Class A-3 Notes				0.87000	%		149,909.08		0.3251824		40,341,903.59		87.5095523
18	Class A-4 Notes				1.06000	%		83,033.33		0.8833333		83,033.33		0.8833333

	Equals: Total Securities							232,942.41				40,424,936.92


C.	*COLLECTIONS AND AVAILABLE FUNDS*

19	Lease Payments Received													10,182,934.65
20	Pull Ahead Waived Payments													214,911.78
21	Sales Proceeds - Early Terminations													23,585,505.25
22	Sales Proceeds - Scheduled Terminations													11,845,550.57
23	Security Deposits for Terminated Accounts													17,099.00
24	Excess Wear and Tear Received													104,096.75
25	Excess Mileage Charges Received													80,442.96
26	Other Recoveries Received													5,876.41

27	Subtotal: Total Collections													46,036,417.37

28	Repurchase Payments													—
29	Postmaturity Term Extension													—
30	Investment Earnings on Collection Account													1,737.25

31	Total Available Funds, prior to Servicer Advances													46,038,154.62

32	Servicer Advance													—

33	Total Available Funds													46,038,154.62

34	Reserve Account Draw													—

35	Available for Distribution													46,038,154.62

Volkswagen Auto Lease Trust 2012-A

MONTHLY SERVICER CERTIFICATE

For the collection period ended 06-28-2014

PAGE 2


D.	*DISTRIBUTIONS*

36	Payment Date Advance Reimbursement (Item 80)		—
37	Servicing Fee (Servicing and Administrative Fees paid pro rata):
38	Servicing Fee Shortfall from Prior Periods		—
39	Servicing Fee Due in Current Period		456,517.77
40	Servicing Fee Shortfall		—
41	Administration Fee (Servicing and Administrative Fees paid pro rata):
42	Administration Fee Shortfall from Prior Periods		—
43	Administration Fee Due in Current Period		5,000.00
44	Administration Fee Shortfall		—
45	Interest Paid to Noteholders		232,942.41
46	First Priority Principal Distribution Amount		—
47	Amount Paid to Reserve Account to Reach Specified Balance		—
48	Subtotal: Remaining Available Funds	45,343,694.44
49	Regular Principal Distribution Amount	40,191,994.51
50	Regular Principal Paid to Noteholders (lesser of Item 48 and Item 49)		40,191,994.51
51	Other Amounts paid to Trustees		—

52	Remaining Available Funds		5,151,699.93


E.	*CALCULATIONS*

53	Calculation of First Priority Principal Distribution Amount:
54	Outstanding Principal Amount of the Notes (Beg. of Collection Period)		300,771,149.48
55	Less: Aggregate Securitization Value (End of Collection Period)		(507,629,325.42	)

56	First Priority Principal Distribution Amount (not less than zero)		—


57	Calculation of Regular Principal Distribution Amount:
58	Outstanding Principal Amount of the Notes (Beg. of Collection Period)		300,771,149.48
59	Less: First Priority Principal Distribution Amount		—
60	Less: Targeted Note Balance		(260,579,154.97	)

61	Regular Principal Distribution Amount (not less than zero)		40,191,994.51


62	Calculation of Targeted Note Balance:
63	Aggregate Securitization Value (End of Collection Period)		507,629,325.42
64	Less: Targeted Overcollateralization Amount (16.75% of Initial Securitization Value)		(247,050,170.45	)

65	Targeted Note Balance		260,579,154.97


66	Calculation of Servicer Advance:
67	Available Funds, prior to Servicer Advances (Item 31)		46,038,154.62
68	Less: Payment Date Advance Reimbursement (Item 80)		—
69	Less: Servicing Fees Paid (Items 38, 39 and 40)		456,517.77
70	Less: Administration Fees Paid (Item 42, 43 and 44)		5,000.00
71	Less: Interest Paid to Noteholders (Item 45)		232,942.41
72	Less: 1st Priority Principal Distribution (Item 56)		—

73	Equals: Remaining Available Funds before Servicer Advance (If<0, Available Funds Shortfall)		45,343,694.44
74	Monthly Lease Payments Due on Included Units but not received (N/A if Item 73>0)		N/A

75	Servicer Advance (If Item 73>0, lesser of Item 74 and absolute value of Item 73, else 0)		—


76	Total Available Funds after Servicer (Item 73 plus Item 74)		45,343,694.44

77	Reserve Account Draw Amount (If Item 76 is <0, Lesser of the Reserve Account Balance and Item 76)		—


78	Reconciliation of Servicer Advance:
79	Beginning Balance of Servicer Advance		—
80	Payment Date Advance Reimbursement		—
81	Additional Payment Advances for current period		—

82	Ending Balance of Payment Advance		—

Volkswagen Auto Lease Trust 2012-A

MONTHLY SERVICER CERTIFICATE

For the collection period ended 06-28-2014

PAGE 3


F.	*RESERVE ACCOUNT*

83	Reserve Account Balances:
84	Targeted Reserve Account Balance										7,374,631.95
85	Initial Reserve Account Balance										7,374,631.95

86	Beginning Reserve Account Balance										7,374,631.95
87	Plus: Net Investment Income for the Collection Period										181.80

88	Subtotal: Reserve Fund Available for Distribution										7,374,813.75
89	Plus: Deposit of Excess Available Funds to reach Specified Balance (Item 47)										—
90	Less: Reserve Account Draw Amount (Item 77)										—

91	Subtotal: Reserve Account Balance										7,374,813.75
92	Less: Excess Reserve Account Funds to Transferor (If Item 91 > Item 84)										181.80

93	Equals: Ending Reserve Account Balance										7,374,631.95


94	Change in Reserve Account Balance from Immediately Preceding Payment Date										—


							*Units*			*Amounts*
95	Current Period Net Residual Losses:
96	Aggregate Securitization Value for Scheduled Terminated Units							685			11,139,139.68
97	Less: Aggregate Sales Proceeds and Other Collections for Current Month Scheduled Terminated Units										(11,905,197.85	)
98	Less: Aggregate Sales Proceeds & Recoveries for Prior Month Scheduled Terminated Units										(64,330.93	)
99	Less: Excess Wear and Tear Received										(104,096.75	)
100	Less: Excess Mileage Received										(80,442.96	)

101	Current Period Net Residual Losses/(Gains)							685			(1,014,928.81	)

102	Cumulative Net Residual Losses:
103	Beginning Cumulative Net Residual Losses							12,168			(8,380,332.92	)
104	Current Period Net Residual Losses (Item 101)							685			(1,014,928.81	)

105	Ending Cumulative Net Residual Losses							12,853			(9,395,261.73	)

106	Cumulative Net Residual Losses/(Gains) as a % of Aggregate Initial Securitization Value										-0.64	%


G.	*POOL STATISTICS*


								*Initial*			*Current*
107	Collateral Pool Balance Data
108	Aggregate Securitization Value							1,474,926,391			507,629,325
109	Aggregate Base Residual Value							1,006,540,717			449,760,177
110	Number of Current Contracts							64,099			28,286
111	Weighted Average Lease Rate							2.96	%		2.85	%
112	Average Remaining Term							27.5			7.0
113	Average Original Term							38.3			38.6
114	Proportion of Base Prepayment Assumption Realized										131.65	%
115	Actual Monthly Prepayment Speed										1.66	%
116	Turn-in Ratio on Scheduled Terminations										88.61	%

		*Sales Proceeds*		*Units*			*Book Amount*			*Securitization Value*
117	Pool Balance - Beginning of Period				30,233			600,233,186			547,821,320
118	Depreciation/Payments							(9,774,590	)		(7,157,479	)
119	Gross Credit Losses				(8	)		(128,122	)		(131,403	)
120	Early Terminations - Regular				(948	)		(19,728,606	)		(18,124,829	)
121	Early Terminations - Lease Pull Aheads				(306	)		(3,837,292	)		(3,639,144	)
122	Scheduled Terminations - Purchased by Customer		1,346,227		(78	)		(1,358,925	)		(1,260,778	)
123	Scheduled Terminations - Sold at Auction		1,240,999		(82	)		(1,357,085	)		(1,275,006	)
124	Scheduled Terminations - Purchased by Dealer		9,264,448		(525	)		(9,168,320	)		(8,603,356	)

125	Pool Balance - End of Period				28,286			554,880,247			507,629,325

					*Units*			*Securitization Value*			*Percentage*
126	Delinquencies Aging Profile - End of Period
127	Current				28,025			503,152,518.64			99.12	%
128	31 - 90 Days Delinquent				239			4,078,467.58			0.80	%
129	91+ Days Delinquent				22			398,339.20			0.08	%

130	Total				28,286			507,629,325.42			100.00	%

Volkswagen Auto Lease Trust 2012-A

MONTHLY SERVICER CERTIFICATE

For the collection period ended 06-28-2014

PAGE 4


		Units		Amounts
131	Credit Losses:
132	Aggregate Securitization Value on charged-off units		8		131,403
133	Aggregate Liquidation Proceeds on charged-off units				(97,515	)
134	Aggregate Securitization Value on charged-off units previously categorized as Early Terminations				—
135	Aggregate Liquidation Proceeds on charged-off units previously categorized as Early Terminations				—
136	Recoveries on charged-off units				(5,876	)

137	Current Period Aggregate Net Credit Losses/(Gains)		8		28,011


138	Cumulative Net Credit Losses:
139	Beginning Cumulative Net Credit Losses		363		2,692,865
140	Current Period Net Credit Losses (Item 137)		8		28,011

141	Ending Cumulative Net Credit Losses		371		2,720,876

142	Cumulative Net Credit Losses/(Gains) as a % of Aggregate Initial Securitization Value				0.18	%


				Units
143	Aging of Scheduled Maturies Not Sold
144	0 - 60 Days since Contract Maturity				403
145	61 - 120 Days since Contract Maturity				9
146	121+ Days since Contract Maturity				6

VW CREDIT, INC., as Servicer

Volkswagen Auto Lease Trust 2012-A

MONTHLY SERVICER CERTIFICATE

For the collection period ended 06-28-2014

PAGE 5

SCHEDULED REDUCTION IN AGGREGATE SECURITIZATION VALUE


*Payment Date*	*Scheduled Reduction* ⁽¹⁾
08/20/2014		38,099,273
09/20/2014		43,496,415
10/20/2014		44,808,213
11/20/2014		39,066,807
12/20/2014		43,269,950
01/20/2015		48,557,212
02/20/2015		41,977,163
03/20/2015		40,921,045
04/20/2015		47,818,493
05/20/2015		39,069,820
06/20/2015		8,035,774
07/20/2015		9,814,222
08/20/2015		8,436,609
09/20/2015		9,054,074
10/20/2015		12,268,305
11/20/2015		10,034,349
12/20/2015		3,637,873
01/20/2016		3,891,987
02/20/2016		3,353,548
03/20/2016		4,099,636
04/20/2016		4,612,589
05/20/2016		3,305,967

Total:		507,629,325

(1)	This column represents the monthly reduction in the Aggregate Securitization Value, assuming

(a)

each collection period is a calendar month rather than a fiscal month,

(b)

timely receipt of all monthly rental payments and sales proceeds,

(c)

no credit or residual losses and

(d)

no prepayments (including defaults, purchase option exercises or other early lease terminations).

Actual cash flows are likely to vary from these amounts.

Summary of Material Modifications, Extensions or Waivers

None in the current month

Summary of Material Breaches of Representations or Warranties Related to Eligibility Criteria

None in the current month

Summary of Material Breaches by the Issuer of Transaction Covenants

None in the current month

Summary of Material Changes in Practices With respect to Charge-Offs, Collections and Management of Delinquent Receivables and the Effect of any Grace Period, Re-Aging, Re-Structuring, Partial Payments or Other Practices on Delinquency and Loss Experience

None in the current month

VOLKSWAGEN AUTO LEASE TRUST 2012-A 10-D